A subsidiary of KBC Bank NV, Brussels, has agreed to buy the Melville, N.Y.-based Vertical Lend, a reverse mortgage retail/wholesale originator and lead aggregator.The deal is expected to close at month-end if it meets certain conditions and receives regulatory clearance. Vertical Lend's founder and chief executive, David Peskin, would not disclose the financial terms of the transaction, but noted that he and the existing management team are slated to remain with the 360-employee company. Vertical Lend, which operates under d/b/a's that include Lender Lead Solutions and Senior Lending Network, is slated to be renamed World Alliance Financial as part of the deal. Vertical Lend can be found online at http://www.verticallend.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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